The earnings flow slows a bit next week. And the Enron saga appears to be getting played out. So economics may come back to the forefront for traders in the week ahead. That said, it won’t be a super-busy week for economics data. “The week ahead should bring more neutral economic news to the table after a run of very strong reports of late,” says BMO Nesbitt Burns.

The only release due in Canada is Thursday’s Consumer Price Index. “Canadian inflation is expected to take a brief detour north in January,” BMO says. “After plunging for three consecutive months, gasoline prices edged higher last month, putting some upward pressure on the headline result. In addition, food costs were likely bumped higher again by a sagging Canadian dollar, following a 1.1% spike in December. Even a small rise in headline prices will push the year-over-year inflation rate up sharply, as prices fell steeply last January. Look for the reported inflation rate to bounce up to 1.1% from 0.7% at the end of 2001.”

In the U.S., things should be a bit busier, with no data out early in the week, but a flurry of releases toward the end. On Wednesday, retail trade numbers are out. “Retail sales will be a mixed bag, with auto-dealer declines offsetting impressive strength in chain store results. Still, equities are likely to take the results as consistent with hopes for a better earnings year in 2002,” says CIBC World Markets.

Friday will be a heavy day for economic news in the U.S., with releases due of industrial production, capacity utilization, the Producer Price Index, and the University of Michigan consumer sentiment reading. “The Fed’s official industrial production report, will likely show a drop that drives the already low factory operating rate toward 74%. At that rate, there will be no pricing power, cash flow will be constrained, and capital-spending plans will be shelved,” says BMO.

January import prices and the PPI data may bounce back a bit, BMO says. “The week will wrap-up with two surveys we follow closely. The University of Michigan survey of households will likely show respondents upbeat about future prospects, but a little concerned about present weakness in the economy. The survey of homebuilders has been laying a firm foundation for the 2002 spring construction season in recent months. It’s likely to show that low interest rates continue to buoy this key sector.”

TD Bank economists say that next week’s data will provide another broad brushstroke of the U.S. economic landscape, which is likely to quash hopes for a quick spurt in economic growth. “While further inventory liquidation in December will provide a kick to GDP growth in the first quarter in 2002, retail sales probably softened in January, with auto sales reversing course after the fourth-quarter incentive-fuelled surge. Industrial production is also likely to have continued to slip. Meanwhile, Canada’s consumer price report will confirm yet again that inflation is no more than an afterthought.”

CIBC says that in the equities market, energy sector earnings will top the agenda, “with last year’s huge price declines expected to take their toll on operating earnings, which thus far in that sector have been chopped in half from the year-earlier quarter.”

Industrial-Alliance is due to report on Tuesday, as is Perot Systems Corp. and Russel Metals.

Aur Resources, Echo Bay Mines, Kinross Gold and Westcoast Energy Inc. report on Wednesday. Thursday brings BC Gas Inc., Magna International, Placer Dome, Precision Drilling and Telus Corp.

Barrick Gold will report on Friday along with Caribbean Utilities Co. Ltd., Emera Inc., Four Seasons, Nexen Inc., and a couple of REITs.